Biomet shares off after co. misses Wall St. earns view

MichaelBaron

NEW YORK (MarketWatch) -- Shares of Biomet Inc.
BMET, +0.00%
fell 2.7% to $35.31 on Wednesday after the company posted second-quarter earnings of $101.3 million, or 41 cents a share, below the average estimate of analysts polled by Thomson First Call for a profit of 43 cents a share in the November period. Sales rose 8% in the latest three months to $494.7 million for the quarter, missing Wall Street's consensus estimate of $503.5 million. Biomet said its sales were hurt in the quarter by the hurricane activity in the Gulf Coast and Florida, resulting in a revenue loss of roughly $4.5 million, and that costs rose due to an unanticipated retroactive price increase from a European supplier and higher selling, general and administrative expenses. Also, Biomet's board approved the buyback of an additional $100 million worth of its common stock and it named Garry England chief operating officer of domestic operations and Charles Niemier chief operating officer of international operations.

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